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China vs Ukraine

Crypto regulation comparison

← Back to map | China | Ukraine
China

China

Ukraine

Ukraine

Banned
Legal

China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.

Ukraine passed the 'On Virtual Assets' law in 2022, establishing a legal framework for crypto. The NSSMC is designated as the primary regulator for virtual assets. Crypto gained significance during the Russia-Ukraine war, with Ukraine receiving over $100 million in crypto donations. Tax rules specify 18% income tax plus 1.5% military levy on crypto gains. Full implementation of the regulatory framework has been delayed due to the ongoing conflict.

Tax Type Unclear
Tax Type Capital gains
Tax Rate N/A
Tax Rate 18% + 1.5% military levy
Exchanges No No
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator PBOC (People's Bank of China), CBIRC, CSRC
Regulator NSSMC (National Securities and Stock Market Commission), NBU
Stablecoin Rules Not applicable; all crypto activities are banned
Stablecoin Rules Under development in virtual assets legislation
Key Points
  • All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
  • Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
  • Financial institutions and payment companies prohibited from facilitating crypto services
  • China actively developing and piloting the digital yuan (e-CNY) CBDC
  • Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
Key Points
  • Virtual Assets law passed in 2022, establishing legal status for crypto
  • NSSMC designated as primary regulator for virtual assets; NBU handles stablecoins
  • 18% personal income tax + 1.5% military levy on crypto gains (19.5% total)
  • Over $100M in crypto donations received during Russia-Ukraine war
  • Full regulatory implementation delayed due to ongoing conflict
Sources
Sources